StockMarketWire.com - CLS Holdings has acquired five properties in the UK from a private investor for £31.4 million, including costs, generating rents of £2.5 million per annum from 10 tenants and representing a net initial yield of 8%.

The properties are freehold, have an aggregate office area of 107,000 sq ft (9,940 sqm) and a weighted average unexpired lease term of 4.4 years, and comprise:

- 45 London Road, Reigate RH2

- Harlequin House, 7 High Street Teddington TW11

- Heather Court, 6 Maidstone Road, Sidcup DA14

- St Cloud Gate, Maidenhead SL6

- Unit 2500, The Crescent, Birmingham Business Park B37

CLS says the portfolio offers a number of opportunities to work with existing and potential new tenants, as well as development potential. The acquisition was financed from existing funds.

Chief executive Fredrik Widlund said: "We are delighted to have acquired these properties, which play to the Group's strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the Group's cash flow. The transaction underlines our continued commitment to, and confidence in, the UK economy, particularly in the South East."






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